🇺🇸❗️Cable FX Macro Weekly Note: U.S. August Retail Sales

**As seen in Risk In The Week report 09/08/23, subscribe at cablefxm.co.uk/reports

U.S. July retail sales increased by 0.7% M/m, the figure was above the consensus of 0.4%, and the prior month was revised higher to 0.3%. The ex-autos and gas figure increased by 1.0% on the month, above the consensus of 0.4%, and marked the fastest increase since January. Non-store retailers led in July at 1.9% M/m, sporting goods reversed a decline at 1.5%, and the largest drops were seen in furniture and electronics sales at -1.8% and -1.3%, respectively. Economists at Wells Fargo Securities question whether the strength in July is sustainable while they noted that real incomes dipped on the month for the first time in one year. Wells Fargo stands with consensus and sees sales volumes easing to 0.1% on labour market indicators, a rise of prices at the pump, and vehicle sales easing.